Currently, a typical court case can take three (3) years or even more before it is concluded at a hefty cost to the litigants. In many instances, such cases could have been amicably resolved within a week through alternative dispute resolution mechanisms, such as mediation. This principle formed the basis of the Credit Information Sharing – Alternative Dispute Resolution (CIS-ADR) Centre. The ADR approach will provide a valuable option for both customers and financial institutions, creating a conducive environment for issues to be addressed while upholding the relationship between the parties.
The ADR handbook has been drawn to introduce uniformity in CIS dispute resolution practices; ensuring that established market guidelines and provisions within the Customer Protection Act are adhered to. The ADR Processes established under this handbook will focus on